HS Code:7112992000

Waste and scrap with other precious metals,(used for recycling other precious metals)

13%

Value-added tax (VAT) rates

0%

VAT refund rate

SECTION

SECTION 14: NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN

Chapter

Chapter 71: Natural or cultured pearls, precious or semi- precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin

Heading

Heading 7112: Waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious metal compounds

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Tax rebate rate

HS Code

Product Name

VAT Rate

VAT Refund Rate

CIQ Code

7112992000

Waste and scrap with other precious metals,(used for recycling other precious metals)

13%

7112992000999

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FAQ

What are Harmonized System (HS) Codes?

HS codes are a standardized numerical method of classifying traded products used by customs authorities worldwide for assessing duties and taxes, as well as for gathering trade statistics.

Who Administers the HS Codes?

The World Customs Organization (WCO) administers the HS codes, which are updated every five years.

How Are HS Codes Used in International Trade?

HS codes are used to classify goods for shipment to a foreign country, report shipments in the Automated Export System (AES), complete shipping documentation, determine import tariff rates, conduct market research, and comply with U.S. law.

What is the Structure of an HS Code?

An HS code is a six-digit code that classifies goods into sections, chapters, headings, and subheadings, with each pair of digits representing a more specific category.

What is the Importance of Accurate HS Coding?

Accurate HS coding is crucial for legal compliance, as incorrect codes can lead to penalties, improper tariffs, and increased costs for importers. It is also essential for trade statistics and customs clearance.

How Do HS Codes Affect Tariffs and Trade Agreements?

HS codes determine the tariff rates for goods and can affect whether a product qualifies for a preferential tariff under a free trade agreement. Originating status, which can be indicated by a change in the commodity code, can grant access to preferential tariffs.

Do all products have a HS code?

○ Yes, all products traded internationally are assigned an HS code for classification purposes.